UAE Banks Federation Boosts Customer Trust: How?
The CEOs Consultative Council of the UAE Banks Federation held their second regular meeting for this year on June 26, 2024. The meeting was chaired by H.E. Mohammed Omran Al Shamsi, who is the Vice Chairman of the UAE Banks Federation and the Chairman of Ras Al Khaimah National Bank. They gathered to discuss the latest developments in the banking sector and to plan for the rest of the year.
In the meeting, they reviewed what the Federation has achieved in the first half of the year. They talked about how the banking sector has made significant progress, strengthening the UAE's position as a leading global financial centre. This progress is happening under the guidance of the Central Bank of the UAE. Al Shamsi emphasised the commitment of the UAE Banks Federation to adopting best banking practices to ensure a secure and seamless experience for customers.
The meeting was attended by CEOs and general managers of UBF member banks, who praised the Federation's efforts in increasing the participation of Emiratis in the banking sector. This aligns with the Central Bank's guidelines to create conditions that attract, train, and qualify Emiratis for banking and financial roles.
The Council discussed the strong performance of the banking sector, highlighting its ability to navigate global challenges and capitalise on opportunities within the UAE's dynamic economy. They noted that UAE banks have maintained strong capital efficiency, provisions, and reserves.
A key point of discussion was customer confidence. According to the Annual Trust Index Survey 2023, customer trust in the UAE banking sector increased to 90 percent last year, up from 84 percent in 2022. This high level of trust reflects the success of the initiatives undertaken by UBF and its members to provide services and products that meet customer needs while maintaining high standards of customer service. The Council emphasised the importance of maintaining this trust as it is essential for the sector's prosperity and growth.
The meeting also acknowledged the contributions of various partners, including the Central Bank of the UAE, the Securities and Commodities Authority, the Ministry of Finance, and several other government entities. The support from the Central Bank in particular was highlighted as crucial in the Federation's efforts to strengthen the UAE's leadership in the financial sector.
One of the key areas of focus was the development of innovative banking solutions and investing in services that support SMEs and entrepreneurs. They also emphasised the importance of promoting sustainable finance to achieve the Sustainable Development Goals.
Mr. Jamal Saleh, Director General of UBF, provided an overview of the banking sector's performance and the achievements made by UBF in the first half of the year. He highlighted the strategic priorities of the Federation, including Emiratisation, sustainability, compliance, governance, transparency, digital transformation, financial inclusion, and support for SMEs. These priorities are guided by the directives of the Central Bank of the UAE and aim to consolidate the UAE's position as a global financial and banking centre.
